Brexit: Nation needs economist like Manmohan Singh to steer through economic turmoil, says JD (U)

With Britain deciding to part ways from the European Union (EU), the Janata Dal (United) on Saturday said in the present global economic scenario, India needed economist like former prime minister Manmohan Singh to be at the helm.

"In a way it's good that India can now directly deal with Britain. Our military tie-ups are likely to improve. But even the EU had a lot of benefits. This move will have direct impact of over 800 Indian companies. Even our share bazaar was affected," Ajay Alok told ANI.

"I am hopeful that our Finance Minister and the Chief Economic advisor will use prudence. The country needed Manmohan Singh at this juncture," he added.

Britain voted to leave the European Union (EU) in a historic referendum, dealing the biggest blow to the European project of greater unity since the World War II.

World financial markets plunged as complete results showed a near 52%-48% split for leaving. The vote created the biggest global financial shock since the 2008 economic crisis, this time with interest rates around the world already at or near zero, stripping policymakers of the means to fight it.

Bilateral trade between India and the UK stood at $14 billion in 2015-16, marginally lower from $14.33 billion in 2014-15. Meanwhile the two-way trade between India and the EU has seen a bigger dip, from $98.5 billion in 2014-15 to $88.4 billion in 2015-16.